Do we Indians find it expensive to order gold from Dubai? Yes, today we tell you why we Indians find it expensive to order gold from Dubai. At first glance, everyone thinks that gold is cheap in Dubai, but if we add custom duty, making charges and conversion charges on gold imported from Dubai, then it drains your entire savings. Along with this, you will also have to follow various rules of the government.
Why do you think gold is cheaper in Dubai?
If you also look at the price tag of Yellow Metal, then you may feel that the price of gold in Dubai is low but there are still many things to include in it. When you buy gold in UAE and bring it to India, its value increases significantly. Let us understand it this way, on September 19, when 1 gram of 22K gold was being sold in the Dubai market for AED 196.50 or Rs 4,252 then the price of gold in the Indian market was Rs 4,656 per gram (Mumbai). This difference is largely due to the increase in import duty by the Government of India to 15 per cent (excluding 3% cess) in July 2022 from 10.75 per cent earlier. India’s craze for gold is costing the Indian government – the rupee has fallen in the international market due to high imports of gold. million dollars. This forced the government to increase the import duty.
Why is it expensive to bring gold from Dubai to India?
The government has to pay a fee for bringing gold from Dubai to India. Apart from this, the making charge in Dubai is also higher than in India.
The making charge in India is around 7% while in Dubai it is up to 25%.
Why is there a huge demand for gold in India?
With the advent of festivals like Dussehra, Dhanteras and Diwali – buying of gold is considered auspicious among the people. Indians have always had a desire to sleep whether it is a man or a woman. There is nothing like gold for the festive cheer for Indians, especially when the prices have not seen a rise in the last 30 months.
Where is the gold market in Dubai?
Many stores in Meena Bazaar, Gold Souk and Baniya Street in Dubai are packed with Indian customers. Indian jewelery brands like Malabar Gold, Joylucas, Kalyan Jewellers, Popli, Tanishq and Atlas Jewelers are also present in Dubai. Sales of Indian passport holders have increased by 30% as compared to the previous quarter. Most of the people are looking for necklace and pendant sets worth Rs 18,000 and we have a demand of Rs 22,000 for jewellery.
Brought in this limit only from Gold Dubai
Let us tell you that to come to India from Dubai or United Arab Emirates, men can bring gold up to ₹ 50000 and women can bring gold up to ₹ 100000.